Japanese Yen: Uptrend intact as 162 resistance nears – Societe Generale

Societe Generale’s Kenneth Broux notes that USD/JPY has resumed its advance after holding a multi‑month trendline near 157.40 and breaking out of consolidation. The pair is approaching the 2024 peak around 162, with key support at 159.65/159.10. Japanese officials continue to warn of decisive FX action even as the Bank of Japan signals further tightening ahead.

Yen pressured despite intervention risk

"USD/JPY has staged a steady advance after testing a multi-month ascending trendline (now near 157.40). The pair has broken above the upper boundary of its recent consolidation, underscoring prevalence of the upward momentum."

"The 2024 peak around 162 represents the first resistance. Defence of the recent pivot low at 159.65/159.10 is crucial for persistence in up move."

"The next objectives could be located at projections of 163.70/164.20 and 165.70."

"USD/JPY: 160.97 - 161.81 overnight range. Spot narrows gap to Jul-24 high of 161.95."

"BoJ Dep Gov Himino flags further tightening ahead in Diet testimony, April minutes hawkish. Katayama repeats warning of decisive FX action."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)